Four years in prison for operating an unauthorized cryptocurrency ATM network.
In the United Kingdom, 46-year-old Olumide Osunkoya has been sentenced to four years in prison for illegally operating a cryptocurrency ATM network. This marks the first criminal conviction in the country for unregistered crypto activities.
According to the Financial Conduct Authority (FCA), Osunkoya operated without the necessary licenses through his company GidiPlus Ltd, managing 28 ATMs between December 2021 and March 2022, with a transaction volume of £2.6 million (approximately $3.14 million).
In an attempt to evade scrutiny, the defendant later transferred the ATMs from his company, continuing to personally manage up to 12 machines under a false name. The charges also include falsifying bank documents and possessing illicit funds worth £19,540.
Therese Chambers, executive director of the FCA, stated:
“Today’s ruling sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences.”
Judge Gregory Perrins, delivering the sentence at the Southwark Crown Court in London, emphasized the deliberate and premeditated nature of Osunkoya’s actions, calling them “a calculated defiance to the regulator.”
